00:01The Philippine Statistics Authority reports inflation slowed to 0.9% in July from 1.4% in June.
00:09This as rise prices continue to drop for the 7th consecutive month and electricity rates east.
00:15It puts the average inflation rate for the year at 1.7%, which is lower than the government's target range of 2-3%.
00:23A lower inflation rate is better as it means the increase in commodity prices is slowing down.
00:29National statistician Dennis Mapas says the main factor for the drop was the housing, water, electricity, gas, and other fuels category.
00:37It eased from 3.2% in June to 2.1% in July.
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